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CIL shares jump over 8% on hike in non-coking fuel price

Press Trust of India  |  New Delhi 

of (CIL) today surged over 8 per cent after the company said its board has approved a hike in non-coking prices for both power and non-power consumers with immediate effect.

The stock gained 7.69 per cent to Rs 310 on

At NSE, of the company soared 8.19 per cent to Rs 311.

The stock was the biggest gainer among the bluechips on both the key indices - and Nifty.

In terms of equity volume, 12.62 lakh of the company were traded on and over 2 crore shares changed hands at during the morning trade.

sources indicated that the average price hike could be around 10 per cent.

Due to this revision, the world's largest coal will earn an incremental of Rs 1,956 crore for the remaining period of 2017-18 fiscal while total will be Rs 6,421 crore, the company said in a regulatory filing.

The was compelled to revise prices in the wake of rising costs which was a drag on its profitability for the last few quarters.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 09 2018. 13:20 IST